Dave Ki staged a dramatic return to the Rangers power battle on Friday in a move that places huge pressure on the current boardroom regime.

The South Africa-based businessman purchased a near 15 per cent stake in the club by buying up shares held by fund managers Artemis and Miton.

Former Ibrox director King is acting independently of the group comprising wealthy supporters Douglas Park, George Letham and George Taylor, who bought out Laxey Partners earlier this week to raise their total holding to 19 per cent.

Dave King (centre) watches the Champions League clash between Liverpool and Real Madrid in October

However, the two parties share similar aims and could count on further support from various fan factions and other figures associated with the club who have a combined stake in excess of 10 per cent. Sportsmail believes that one of the parties may also have negotiated proxies from an institution to further increase an emerging power base that could force a New Year revolution.

A call for an extraordinary general meeting aimed at removing current directors is now a real possibility.

However, it was claimed on Friday that one shareholder has lodged a complaint with the takeover commission, believing King is working in concert with the Park consortium in a bid to seize control.

Takeover panel rules dictate that if a consortium crosses the 29.9 per cent threshold it must make an offer to buy the rest of the company. King and the Park-Letham-Taylor group have 34 per cent between them but are adamant they are separate entities.

King had previously spearheaded a £16million investment package that was rejected by the Rangers board in favour of a £2m loan from Newcastle owner Mike Ashley, subsequently raised to £3m.

The Ibrox club is now facing a financial crisis, admitting on Friday that cash received from the £1m sale of Lewis Macleod to Brentford ‘will be used for immediate working capital’.

Asked why he had moved, King told Sportsmail: ‘Because the board rejected my attempts to issue new shares to me and thereby get much-needed money into the club, which was my stated preference.’

He stressed a willingness to work with any ‘like-minded’ group but stated he would ‘consult with other stakeholders before deciding’ future plans.

King claimed his move was not influenced by the acquisition made by Park, Letham and Taylor but by ‘the availability of shares’. Of the decision to sell by Artemis and Miton, he added: ‘I believe they just lost faith in the present board and its ability to move the club forward.’

Subsequently asked whether an EGM was a likelihood in terms of bringing about boardroom change, King replied: ‘It may become necessary.’

Laxey Partners chairman Colin Kingsnorth said earlier this week that his firm had sold up to Park, Letham and Taylor to provide credible opposition to Ashley’s ambitions at Ibrox.

The Sports Direct tycoon currently owns around nine per cent of Rangers and is limited to a 10-per- cent stake by a past agreement with the SFA. The governing body rejected a move for that to be increased to 29.9 per cent on Christmas Eve and Ashley’s next move is still awaited. He already has ally Derek Llambias in position as chief executive at Ibrox, while Sports Direct executive Barry Leach has been tipped to become finance director.

However, asked how he viewed Ashley’s influence on the future of the club, King replied: ‘He has no real interest in the club — only in Sports Direct. I don’t view him as being significant going forward.’

King (third right), a former Rangers director, pictured at Ibrox with the league trophy in May 2010

Second-placed Rangers are 15 points adrift of Hearts at the top of the Scottish Championship

A statement from Rangers to the Stock Exchange confirmed King’s share purchase and the vehicle he had used. It read: ‘The company was informed on 2 January 2015 that New Oasis Investments Limited, a company 100% owned by the Family Trust of Dave King, acquired 11,869,505 ordinary shares in the company on 2 January 2015.’

‘Following the transaction, New Oasis will be interested in 11,869,505 ordinary shares in the company, representing approximately 14.57 per cent of the issued share capital.’

Ashley has previously received backing from a 26-per-cent shareholding block for which Sandy Easdale holds voting rights. The Rangers football board chairman could now find his position under threat, as could brother James — a non-executive director — and PLC chairman David Somers.

Sandy Easdale and King became locked in a war of words after the latter’s investment offer was turned down.

But Easdale family adviser Jack Irvine said on Friday: ‘Sandy is pleased Dave King has shown goodwill and bought these shares and he hopes it leads to further investment in the club.’